CIBC beats estimates on capital markets, retail strength

By Melissa Shin and Christine Dobby

(Bloomberg) — CIBC beat estimates on better-than-expected results from its capital markets and retail banking units, extending a strong quarter of results for Canadian lenders.

CIBC earned $2.73 a share on an adjusted basis in its fiscal third quarter, according to a statement, more than the $2.53 average analyst estimate in a Bloomberg survey.

Net income at the company’s capital markets business totaled $722 million in the three months through July, better than the $670 million average forecast and 34% higher than a year earlier. 

Net income at its Canadian personal and business banking unit totalled $948 million, also higher than expected. That segment rebounded with “higher revenues, improved efficiency and lower provisions,” Jefferies analyst John Aiken said in a client note. 

CIBC’s Canadian and U.S. commercial banking and wealth management businesses topped estimates as well. 

“We continue to accelerate the execution of our strategy, driving another quarter of strong financial results including double-digit growth in net income and a higher return on equity compared to a year ago,” Chief Executive Officer Harry Culham said in the statement Thursday.

Overall net income was $2.41 billion, more than the $2.31 billion analysts expected and up 15% from the prior-year period. Adjusted return on equity was 16.8%, up from 14.2%. 

All of Canada’s Big Six banks surpassed earnings estimates in their fiscal third quarter results. Capital markets have been a significant source of momentum, with elevated trading activity helping boost results. Credit conditions, meanwhile, have remained relatively stable. 

While the entire group’s shares have soared over the past year, CIBC has been among the leaders, with its stock up more than 60% ahead of Thursday’s results even after a selloff in financial stocks last week. The bank has benefited from strong capital markets, but consistently solid execution has also helped it deliver more than two years of earnings beats. 

CIBC has been reshaping its balance sheet under Culham, agreeing to sell its controlling stake in CIBC Caribbean to Bank of N.T. Butterfield & Son Ltd. for about $1.6 billion, a transaction it said would help free up capital to invest in North America. 

On credit, CIBC reported provisions for potentially bad loans totalling $564 million, less than the $634 million analysts had forecast and about the same as a year earlier. Impaired loans in capital markets rose, driven by two loss events. 

The bank declared a dividend of $1.07 per share. It will host an investor day on Dec. 9.

©2026 Bloomberg L.P.

Visited 40 times, 40 visit(s) today

big 6 banks Canadian Imperial Bank of Commerce cibc CIBC earnings CIBC quarterly earnings earnings calls John Aiken quarterly earnings

Last modified: August 27, 2026